1

Idioma / Language Index

ESPAÑOL Group Index

ENGLISH TSB (GBP) Index

Business Units Index
Group Index
o Main figures
o Accumulated quarterly results
o Quarterly results
o Balance sheet
o Margin
o Fees & comissions
o Expenses
o Loans
o FuM
o Equity
o NPA exposure and coverage
o Stages
o Debt maturities for the next 12 months
o NPA details
o Capital ratios
o Share
o MARs
ext 12 months
Main Figures

Excl. TSB Total group

31.03.23 31.03.24 YoY (%) 31.03.23 31.03.24 YoY (%)

Equity (€ millions)
o account
Profit and loss
o NPA exposure and
Net interest income coverage 797 953 19.6 1,100 1,231 11.9
Core revenues o NPA detail ex-TSB 1,119 1,263 12.8 1,450 1,571 8.3
Capital ratios
Gross operatingoincome 983 1,136 15.5 1,311 1,444 10.2
o Liquidity
Pre-provisions income 479 608 26.9 581 693 19.3
Attributable net o Share
profit 151 263 73.3 205 308 50.4

Balance sheet (€ millions)

Total assets 196,699 185,234 -5.8 248,480 236,135 -5.0
Performing gross loans 110,643 108,466 -2.0 152,637 150,796 -1.2
Gross loans to customers 115,818 113,414 -2.1 158,454 156,445 -1.3
On-balance sheet customer funds 121,690 120,861 -0.7 162,307 161,419 -0.5
Off-balance sheet customer funds 39,513
### 42,150 6.7 39,513 42,150 6.7
Total customer funds 161,203
### 163,012 1.1 201,820 203,569 0.9
Net equity -- -- 13,145 14,240 8.3
Shareholders' equity -- -- 13,657 14,633 7.1

Profitability and efficiency ratios (%)

ROA -- -- 0.33 0.59
RORWA -- -- 1.06 1.83
ROE -- -- 6.21 10.11
ROTE -- -- 7.60 12.22
Efficiency 39.1 34.1 43.50 39.71
Efficiency with amortisation & depreciation 48.7 41.5 53.59 47.58

Risk management
Stage 3 exposures (€ millions) 5,314 5,077 -4.5 5,891 5,718 -2.9
Total problematic assets (€ millions) 6,431 6,015 -6.5 7,008 6,657 -5.0
Stage 3 ratio (%) 4.27 4.15 3.52 3.46
Stage 3 coverage ratio (%) 42.3 45.9 39.5 42.5
Stage 3 coverage ratio with total provisions (%) 56.1 60.8 54.6 58.5
Problematic assets coverage (%) 53.0 57.5 52.0 55.8

Liquidity management (%)

Loan-to-deposit ratio 91.9 90.7 95.0 94.3
LCR 250 238 220 205
NSFR -- -- 141 144

Capital management
Risk weighted assets (RWA) (€ millions) -- -- 77,659 79,285 2.1
Common Equity Tier 1 (%) -- -- 12.78 13.30
Common Equity Tier 1 fully-loaded (%) -- -- 12.78 13.30
Tier 1 (%) -- -- 15.04 15.51
Total capital ratio (%) -- -- 18.09 18.42
MREL (% RWA) -- -- 27.57 29.34
MREL (% LRE) -- -- 8.65 9.93
Leverage ratio (%) -- -- 4.72 5.25

Share data (period end)

Number of shareholders -- -- 222,228 205,510
Number of outstanding shares (millions) -- -- 5,582 5,414
Share price (€ ) -- -- 0.989 1.455
Market capitalisation (€ millions) -- -- 5,520 7,877
Earnings per share (EPS) (€ ) -- -- 0.13 0.24
Book value per share (€ ) -- -- 2.46 2.73
TBV per share (€ ) -- -- 2.02 2.27
Price / Tangible book value (times) -- -- 0.49 0.64
Price / Earnings ratio (P/E) (times) -- -- 7.44 5.95

Other data
Branches 1,237 1,203 1,457 1,414
Employees 13,495 13,899 19,151 19,213
Accumulated quarterly results

Excl. TSB TSB Total group

YoY (%) YoY (%)
(€ millions) 1Q23 1Q24 YoY (%) 1Q23 1Q24 YoY (%) at 1Q23 1Q24 YoY (%) at
constant constant
FX FX
Net interest income 797 953 19.6 303 278 -8.1 -10.9 1,100 1,231 11.9 10.6
Net fees and commissions 322 310 -3.9 28 30 6.3 3.1 350 340 -3.1 -3.4
Core revenues 1,119 1,263 12.8 331 308 -6.9 -9.8 1,450 1,571 8.3 7.2
Net trading income and exchange differences -6 24 -- 7 11 49.0 44.5 1 35 -- --
Income from equity method and dividends 31 48 52.0 0 0 -- -- 31 48 52.0 52.0
Other operating income/expense -161 -199 23.3 -11 -11 -0.6 -3.6 -172 -209 21.8 21.1
Gross operating income 983 1,136 15.5 328 309 -5.9 -8.7 1,311 1,444 10.2 9.0
Operating expenses -405 -433 7.0 -188 -194 3.2 0.0 -593 -627 5.8 4.5
Personnel expenses -264 -282 6.6 -86 -92 6.5 3.3 -350 -373 6.6 5.6
Other general expenses -141 -152 7.6 -102 -102 0.3 -2.7 -243 -254 4.5 2.9
Amortisation & depreciation -100 -95 -4.9 -38 -30 -21.7 -24.0 -138 -124 -9.5 -10.5
Total costs -504 -528 4.6 -226 -224 -1.0 -4.0 -730 -751 2.9 1.6
Pre-provisions income 479 608 26.9 102 85 -16.6 -19.2 581 693 19.3 18.3
Provisions for NPLs -200 -176 -11.9 -17 -18 7.2 3.9 -217 -194 -10.4 -10.8
Provisions for other financial assets -11 -3 -72.5 -2 -2 -1.8 -4.7 -14 -5 -60.3 -60.5
Other impairments -6 -9 61.5 0 0 -- -- -6 -9 61.5 61.5
Gains on sale of assets and other results -3 0 -100.0 0 0 -- -- -3 0 -100.0 -100.0
Profit before tax 259 420 61.8 83 65 -21.8 -24.1 342 484 41.6 39.9
Income tax -108 -157 45.6 -29 -19 -34.8 -36.8 -137 -176 28.4 27.4
Minority interest 0 0 -- 0 0 -- -- 0 0 -- --
Attributable net profit 151 263 73.3 53 46 -14.6 -17.2 205 308 50.4 48.3
Memorandum item:
Core results (NII + net fees and commissions - costs) 615 735 19.6 105
### 84 -19.7 -22.1 720 820 13.8 13.0
Quarterly results

Excl. TSB TSB Total group

QoQ (%) QoQ (%)
(€ millions) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ (%) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ (%) at constant 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ (%) at constant
FX FX

Net interest income 797 870 944 938 953 1.6 303 300 298 273 278 1.8 0.3 1,100 1,170 1,242 1,211 1,231 1.7 1.1
Net fees and commissions 322 317 317 306 310 1.3 28 30 33 33 30 -10.6 -12.0 350 347 350 339 340 0.2 -0.2
Core revenues 1,119 1,187 1,261 1,244 1,263 1.5 331 330 331 307 308 0.5 -1.0 1,450 1,517 1,592 1,550 1,571 1.3 0.8
Net trading income and exchange differences -6 32 24 2 24 -- 7 -2 8 2 11 -- -- 1 30 32 5 35 -- --
Income from equity method and dividends 31 40 23 36 48 32.8 0 0 0 0 0 -- -- 31 40 23 36 48 32.8 32.8
Other operating income/expense -161 -80 0 -183 -199 8.6 -11 -9 -9 6 -11 -- -- -172 -89 -9 -177 -209 18.4 17.8
Gross operating income 983 1,180 1,309 1,099 1,136 3.3 328 318 330 315 309 -2.1 -3.6 1,311 1,498 1,638 1,414 1,444 2.1 1.5
Operating expenses -405 -412 -435 -442 -433 -2.1 -188 -199 -199 -216 -194 -10.1 -11.5 -593 -611 -634 -658 -627 -4.7 -5.4
Personnel expenses -264 -274 -282 -283 -282 -0.4 -86 -93 -94 -119 -92 -22.8 -24.0 -350 -367 -376 -401 -373 -7.0 -7.6
Other general expenses -141 -138 -153 -160 -152 -5.2 -102 -107 -105 -97 -102 5.5 3.9 -243 -244 -258 -257 -254 -1.2 -2.0
Amortisation & depreciation -100 -98 -89 -93 -95 1.9 -38 -38 -30 -33 -30 -10.8 -12.2 -138 -136 -119 -126 -124 -1.5 -2.0
Total costs -504 -510 -524 -535 -528 -1.4 -226 -238 -229 -249 -224 -10.2 -11.6 -730 -748 -753 -784 -751 -4.2 -4.9
Memorandum item:
Recurrent costs -504 -510 -524 -535 -528 -1.4 -226 -238 -229 -216 -224 3.5 1.9 -730 -748 -753 -751 -751 0.0 -0.7
Non-recurrent costs 0 0 0 0 0 -- 0 0 0 -33 0 -100.0 -100.0 0 0 0 -33 0 -100.0 -100.0
Pre-provisions income 479 670 785 564 608 7.8 102 81 101 66 85 28.2 26.3 581 750 885 630 693 10.0 9.5
Provisions for NPLs -200 -201 -168 -165 -176 6.3 -17 -15 -21 -25 -18 -29.5 -30.6 -217 -216 -189 -191 -194 1.5 1.2
Provisions for other financial assets -11 -4 -5 0 -3 -- -2 11 -1 -4 -2 -46.3 -47.2 -14 7 -6 -5 -5 13.2 11.4
Other impairments -6 -23 -19 -32 -9 -71.5 0 0 0 0 0 -- -- -6 -23 -19 -32 -9 -71.5 -71.5
Gains on sale of assets and other results -3 -11 -17 -15 0 -100.0 0 0 0 -1 0 -100.0 -100.0 -3 -11 -17 -15 0 -100.0 -100.0
Profit before tax 259 430 576 351 420 19.5 83 77 78 36 65 80.4 77.9 342 507 654 387 484 25.1 24.5
Income tax -108 -122 -167 -80 -157 95.8 -29 -25 -23 -2 -19 -- -- -137 -148 -190 -82 -176 114.2 113.0
Minority interest 0 1 0 1 0 -100.0 0 0 0 0 0 -- -- 0 1 0 1 0 -100.0 -100.0
Attributable net profit 151 307 409 270 263 -2.8 53 52 55 34 46 34.8 32.8 205 359 464 304 308 1.3 0.8
Memorandum item: 0 0 0 0 0
Core results (NII + net fees and commissions - costs) 615 677 737 708 735 3.8 105 92 102 91 84 -6.7 -8.2 720 769 839 799 820 2.6 2.2
Gains and charges in the quarter Total Group

1Q23 2Q23 3Q23 4Q23 1Q24

(€ millions) Avge. Avge. Avge. Avge. Avge.
Rate % Results Rate % Results Rate % Results Rate % Results Rate % Results
balance balance balance balance balance

Cash and cash equivalents (1) 44,352 2.75 301 45,491 3.44 390 39,474 3.87 386 39,240 4.05 401 37,941 4.17 393
Loans to customers (net) 155,284 3.29 1,258 154,297 3.67 1,413 154,449 4.01 1,561 151,914 4.20 1,607 151,377 4.33 1,628
Fixed-income securities 28,818 2.34 166 28,961 2.80 202 28,511 3.19 229 27,848 3.36 236 29,441 3.47 254
Equity securities 743 -- -- 835 -- -- 882 -- -- 974 -- -- 936 -- --
Tang. & intang. assets 4,659 -- -- 4,584 -- -- 4,540 -- -- 4,523 -- -- 4,520 -- --
Other assets 15,056 2.70 100 15,076 3.10 116 16,059 3.54 143 14,248 4.12 148 14,086 3.40 119
Total assets 248,912 2.97 1,825 249,243 3.41 2,122 243,916 3.77 2,319 238,748 3.97 2,392 238,301 4.04 2,394
Financial institutions (2) 36,788 -2.60 -236 36,073 -3.35 -301 27,663 -3.78 -264 25,579 -4.09 -264 26,425 -4.18 -275
Customer deposits 161,138 -0.56 -221 160,352 -0.78 -310 161,163 -1.02 -415 159,613 -1.21 -486 159,610 -1.24 -493
Capital markets 25,074 -2.57 -159 26,425 -3.21 -211 27,156 -3.53 -241 26,837 -3.91 -264 26,236 -4.01 -261
Other liabilities 12,870 -3.43 -109 13,377 -3.88 -130 14,630 -4.25 -157 12,780 -5.15 -166 11,962 -4.49 -134
Shareholders' equity 13,042 -- -- 13,017 -- -- 13,304 -- -- 13,938 -- -- 14,068 -- --
Total funds 248,912 -1.18 -725 249,243 -1.53 -952 243,916 -1.75 -1,077 238,748 -1.96 -1,180 238,301 -1.96 -1,163
Net interest income 1,100 1,170 1,242 1,211 1,231
Customer spread 2.73 2.89 2.99 2.99 3.09
Net interest margin as % of ATA 1.79 1.88 2.02 2.01 2.08

Gains and charges in the quarter excl. TSB

1Q23 2Q23 3Q23 4Q23 1Q24

(€ millions) Avge. Avge. Avge. Avge. Avge.
Rate % Results Rate % Results Rate % Results Rate % Results Rate % Results
balance balance balance balance balance

Cash and cash equivalents (1) 38,630 2.63 250 39,363 3.32 326 33,510 3.70 312 32,747 3.87 319 32,198 4.03 322
Loans to customers (net) 112,346 3.33 922 111,722 3.81 1,060 111,782 4.20 1,183 110,051 4.38 1,214 108,739 4.49 1,214
Fixed-income securities 26,435 2.29 149 26,615 2.73 181 26,082 3.07 202 25,583 3.25 209 27,246 3.42 231
Other assets 18,988 0.52 24 19,013 0.59 28 19,645 0.56 28 18,556 0.87 41 18,667 0.58 27
Total assets 196,399 2.78 1,346 196,713 3.25 1,596 191,018 3.58 1,725 186,937 3.79 1,784 186,850 3.86 1,794
Financial institutions (2) 30,939 -2.38 -181 31,270 -3.18 -248 22,977 -3.51 -203 20,941 -3.85 -203 22,209 -3.97 -219
Customer deposits 120,722 -0.53 -158 119,805 -0.76 -226 120,789 -1.00 -304 119,891 -1.15 -348 119,500 -1.17 -346
Capital markets 23,018 -2.51 -143 23,788 -3.11 -184 24,392 -3.39 -209 23,712 -3.67 -220 23,123 -3.87 -223
Other liabilities and shareholders' eq 21,720 -1.25 -67 21,851 -1.23 -67 22,861 -1.12 -65 22,393 -1.33 -75 22,018 -0.97 -53
Total funds 196,399 -1.13 -549 196,713 -1.48 -725 191,018 -1.62 -781 186,937 -1.79 -846 186,850 -1.81 -841
Net interest income 797 870 944 938 953
Customer spread 2.80 3.05 3.20 3.23 3.32
Net interest margin as % of ATA 1.65 1.77 1.96 2.00 2.05

Gains and charges in the quarter TSB

1Q23 2Q23 3Q23 4Q23 1Q24

(€ millions) Avge. Avge. Avge. Avge. Avge.
Rate % Results Rate % Results Rate % Results Rate % Results Rate % Results
balance balance balance balance balance

Cash and cash equivalents (1) 5,722 3.75 53 6,128 4.31 66 5,965 5.02 75 6,493 5.13 84 5,743 5.11 73
Loans to customers (net) 42,938 3.18 336 42,576 3.33 353 42,667 3.52 378 41,863 3.73 393 42,638 3.91 414
Fixed-income securities 3,521 4.04 35 3,498 4.83 42 3,592 5.59 51 3,494 5.80 51 3,598 5.69 51
Other assets 3,701 8.33 76 3,737 9.49 88 4,119 11.14 116 3,426 12.41 107 3,242 11.39 92
Total assets 55,882 3.63 500 55,938 3.94 549 56,343 4.37 620 55,276 4.56 635 55,221 4.59 630
Financial institutions (2) 5,850 -3.98 -57 4,803 -4.66 -56 4,685 -5.33 -63 4,638 -5.41 -63 4,217 -5.48 -57
Customer deposits 40,416 -0.63 -63 40,547 -0.83 -84 40,374 -1.09 -111 39,722 -1.38 -138 40,110 -1.47 -147
Capital markets 3,193 -4.45 -35 3,790 -5.04 -48 3,927 -5.66 -56 4,353 -6.35 -70 4,516 -6.00 -67
Other liabilities and shareholders' eq 6,423 -2.64 -42 6,798 -3.70 -63 7,356 -4.97 -92 6,563 -5.48 -91 6,378 -5.07 -80
Total funds 55,882 -1.43 -197 55,938 -1.79 -250 56,343 -2.27 -322 55,276 -2.60 -362 55,221 -2.56 -352
Net interest income 303 300 298 273 278
Customer spread 2.55 2.50 2.43 2.35 2.44
Net interest margin as % of ATA 2.20 2.15 2.10 1.96 2.03
Net fees and commissions

Excl. TSB TSB Total group Excl. TSB TSB Total group

(€ millions) 4Q23 1Q24 QoQ (% ) 4Q23 1Q24 QoQ (%) 4Q23 1Q24 QoQ (% ) 1Q23 1Q24 YoY (% ) 1Q23 1Q24 YoY (%) 1Q23 1Q24 YoY (% )

Lending fees 45 46 1.0 0 0 0.0 45 46 1.0 46 46 0.0 0 0 -18.8 46 46 0.0

Guarantees commissions 26 25 -1.0 0 0 -- 26 25 -1.0
### 26 25 -2.7 0 0 -- 26 25 -2.7
Risk transaction
71 71 0.3 0 0 0.0 71 71 0.3 72 71 -1.0 0 0 -18.8 72 71 -1.0
fees

Cards 43 37 -13.7 20 19 -4.7 63 56 -10.9 39 37 -3.9 18 19 4.5 57 56 -1.2

Payment orders 20 19 -3.4 0 0 -7.3 21 20 -3.5 21 19 -8.0 0 0 -4.9 22 20 -7.9
Securities 14 15 9.4 0 0 -- 14 15 9.4 14 15 11.4 0 0 -- 14 15 11.4
Sight accounts 60 57 -4.8 11 7 -36.7 71 64 -9.5 64 57 -10.5 7 7 0.7 71 64 -9.4
Foreign currency and notes exchange 21 20 -3.7 6 6 -3.2 27 26 -3.6 23 20 -12.6 6 6 -1.5 29 26 -10.2
Other transactions 6 17 187.4 -7 -5 -20.3 -1 11 -- 13 17 29.7 -6 -5 -11.6 7 11 67.3
Commissions for services 164 166 1.2 30 27 -12.0 195 193 -0.9 174 166 -4.3 25 27 5.7 199 193 -3.0

Mutual funds 26 29 11.5 0 0 -- 26 29 11.5 29 29 -0.1 0 0 -- 29 29 -0.1

Pension funds and 38 3 3 41
37 1.4 5.2 40 1.7 42 38 -10.2 3 3 12.6 45 41 -8.9
insurance brokerage 38 0 3 41
Managed accounts 7 5 -23.9 0 0 -- 7 5 -23.9 5 5 -1.6 0 0 -- 5 5 -1.6

Asset Under Management 71 73 2.7 3 3 5.2 73 75 2.8 77 73 -5.8 3 3 12.6 80 75 -5.2

commissions

Total commissions 306 310 1.3 33 30 -10.6 339 340 0.2 322 310 -3.9 28 30 6.3 350 340 -3.1
Operating expenses and amortisation

Excl. TSB TSB Total group Excl. TSB TSB Total group

(€ millions) 4Q23 1Q24 QoQ (%) 4Q23 1Q24 QoQ (%) 4Q23 1Q24 QoQ (%) 1Q23 1Q24 YoY (%) 1Q23 1Q24 YoY (%) 1Q23 1Q24 YoY (%)

Personnel expenses -283 -282 -0.4 -119

### -92 -22.8 -401 -373 -7.0 -264 -282 6.6 -86 -92 6.5 -350 -373 6.6

IT and communications -52 -58 10.5 -57

### -59 2.6 -110 -117 6.4 -55 -58 4.7 -53 -59 12.1 -108 -117 8.3
Advertising -25 -22 -12.6 ###
-6 -6 -6.6 -31 -28 -11.4 -11 -22 108.6 -6 -6 -11.2 -17 -28 63.3
Premises and office supplies -7 -9 25.4 ###
-9 -7 -19.8 -16 -16 1.0 -10 -9 -11.0 -7 -7 -2.0 -17 -16 -7.3
Technical reports and judicial expenses -5 -6 9.2 ###
-3 -3 3.2 -8 -9 7.0 -5 -6 7.9 -4 -3 -29.6 -9 -9 -8.9
Subcontracted administrative services -12 -19 66.6 -10
### -17 70.3 -22 -36 68.3 -14 -19 41.3 -20 -17 -13.4 -33 -36 8.7
Contributions and taxes -32 -20 -38.7 ###
-3 -2 -37.4 -35 -22 -38.6 -24 -20 -18.8 -2 -2 -18.6 -27 -22 -18.8
Others -26 -18 -31.4 ###
-9 -9 -2.5 -35 -27 -23.8 -22 -18 -17.6 -10 -9 -8.7 -31 -27 -14.8

Other general expenses -160 -152 -5.2 -97 -102 5.5 -257 -254 -1.2 -141 -152 7.6 -102 -102 0.3 -243 -254 4.5
###
###
0 0
Amortisation & depreciation -93 -95 1.9 -33
### -30 -10.8 -126 -124 -1.5 -100 -95 -4.9 -38 -30 -21.7 -138 -124 -9.5
###
0 0
Total costs -535 -528 -1.4 -249
### -224 -10.2 -784 -751 -4.2 -504 -528 4.6 -226 -224 -1.0 -730 -751 2.9
Memorandum item:
Recurrent costs -535 -528 -1.4 -216
### -224 3.5 -751 -751 0.0 -504 -528 4.6 -226 -224 -1.0 -730 -751 2.9
Non-recurrent costs 0 0 -- -33
### 0 -100.0 -33 0 -100.0 0 0 -- 0 0 -- 0 0 --
Efficiency ratio (%) 39.11 34.08 57.36 62.86 43.50 39.71
Efficiency ratio with amortisation & depreciation (%) 48.73 41.53 68.94 72.49 53.59 47.58
Group balance sheet

Change
(€ millions) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%)

Cash, cash balances at central banks and other demand deposits 38,093 29,986 28,290 -25.7 -5.7
Financial assets held for trading and fair value with changes in PL 3,769 2,860 3,042 -19.3 6.4
Financial assets in fair value OCI 5,834 6,269 6,591 13.0 5.1
Financial assets at amortised cost 185,824 180,914 183,285 -1.4 1.3
Loans and advances to customers 155,413 152,260 153,259 -1.4 0.7
Loans and advances of central banks and credit institutions 8,285 7,152 7,762 -6.3 8.5
Debt securities 22,126 21,501 22,264 0.6 3.5
Investments in subsidaries, joint ventures and associates 432 463 443 2.7 -4.2
Tangible assets 2,473 2,297 2,283 -7.7 -0.6
Intangible assets 2,464 2,483 2,489 1.0 0.2
Other assets 9,592 9,902 9,710 1.2 -1.9
Total assets 248,480 235,173 236,135 -5.0 0.4

Financial liabilities held for trading and fair value with changes in PL 3,429 2,867 3,005 -12.3 4.8
Financial liabilities at amortised cost 229,901 216,072 216,897 -5.7 0.4
Central banks 18,521 9,776 3,664 -80.2 -62.5
Credit institutions 17,304 13,840 13,351 -22.8 -3.5
Customer deposits 161,567 160,331 168,492 4.3 5.1
Debt securities issued 25,878 25,791 25,552 -1.3 -0.9
Other financial liabilities 6,632 6,333 5,839 -12.0 -7.8
Provisions 615 536 504 -18.0 -6.0
Other liabilities 1,390 1,818 1,488 7.0 -18.2
Subtotal liabilities 235,335 221,294 221,894 -5.7 0.3

Shareholders' equity 13,657 14,344 14,633 7.1 2.0

Accumulated other comprehensive income -546 -499 -427 -21.9 -14.5
Minority interest 34 34 34 -0.4 0.0
Net equity 13,145 13,879 14,240 8.3 2.6

Total liabilities and net equity 248,480 235,173 236,135 -5.0 0.4

Financial guarantees granted 1,990 2,064 1,855 -6.8 -10.1

Commitments for loans granted 26,443 27,036 27,427 3.7 1.4
Other commitments granted 9,124 7,943 8,914 -2.3 12.2
Loans and advances to customers

Excl. TSB TSB Total group

Change Change Change
(€ millions) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%)

Mortgage loans & credits 48,903 47,344 46,916 -4.1 -0.9 39,357 38,818 39,725 0.9 2.3 88,261 86,162 86,641 -1.8 0.6
Other secured loans & credits 2,978 4,723 4,879 63.8 3.3 392 341 332 -15.3 -2.5 3,370 5,064 5,211 54.6 2.9
Working capital 6,739 7,465 6,812 1.1 -8.8 0 0 0 -- -- 6,739 7,465 6,812 1.1 -8.8
Leasing 2,237 2,236 2,331 4.2 4.2 0 0 0 -- -- 2,237 2,236 2,331 4.2 4.2
Unsecured lending and others 49,786 46,648 47,528 -4.5 1.9 2,244 2,222 2,272 1.3 2.3 52,029 48,870 49,801 -4.3 1.9
Performing gross loans 110,643 108,417 108,466 -2.0 0.0 41,993 41,381 42,330 0.8 2.3 152,637 149,798 150,796 -1.2 0.7

Stage 3 assets (customer) 4,948 4,861 4,770 -3.6 -1.9 576 611 640 11.1 4.7 5,524 5,472 5,410 -2.1 -1.1
Accruals 107 110 171 60.0 56.3 67 62 61 -9.1 -1.6 174 172 232 33.3 35.4
Gross loans to customers
115,698 113,388 113,408 -2.0 0.0 42,636 42,054 43,031 0.9 2.3 158,335 155,442 156,439 -1.2 0.6
(excluding repos)

Reverse repos 120 17 6 -94.7 -63.9 0 0 0 -100.0 -- 120 17 6 -94.7 -63.9

Gross loans to customers 115,818 113,405 113,414 -2.1 0.0 42,636 42,054 43,031 0.9 2.3 158,454 155,459 156,445 -1.3 0.6

NPL and country-risk provisions -2,818 -2,955 -2,939 4.3 -0.5 -223 -244 -246 10.6 1.1 -3,041 -3,199 -3,185 4.7 -0.4
Loans and advances to customers 113,000 110,450 110,475 -2.2 0.0 42,413 41,810 42,784 0.9 2.3 155,413 152,260 153,259 -1.4 0.7
Funds under management

Excl. TSB TSB Total group

Change Change Change
(€ millions) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%)

Financial liabilities at amortised cost 179,783 166,805 167,580 -6.8 0.5 50,119 49,267 49,317 -1.6 0.1 229,901 216,072 216,897 -5.7 0.4
0 0 0 0 0 0
Non-retail financial liabilities 58,093 45,780 46,719 -19.6 2.0 9,502 9,403 8,759 -7.8 -6.8 67,594 55,184 55,478 -17.9 0.5
Central banks 13,348 5,107 0 -100.0 -100.0 5,172 4,669 3,664 -29.2 -21.5 18,521 9,776 3,664 -80.2 -62.5
Credit institutions 17,303 13,840 13,333 -22.9 -3.7 1 0 17 -- -- 17,304 13,840 13,351 -22.8 -3.5
Institutional issues 22,443 21,919 29,333 30.7 33.8 2,695 3,315 3,292 22.1 -0.7 25,138 25,234 32,625 29.8 29.3
Other financial liabilities 4,999 4,915 4,052 -18.9 -17.6 1,633 1,419 1,787 9.4 26.0 6,632 6,333 5,839 -12.0 -7.8
0 0 0 0 0 0
On-balance sheet customer funds 121,690 121,025 120,861 -0.7 -0.1 40,617 39,864 40,558 -0.1 1.7 162,307 160,888 161,419 -0.5 0.3
0 0 0 0 0 0
Customer deposits 120,823 120,328 127,780 5.8 6.2 40,744 40,003 40,711 -0.1 1.8 161,567 160,331 168,492 4.3 5.1
Sight accounts 106,185 100,046 99,836 -6.0 -0.2 36,439 34,197 34,479 -5.4 0.8 142,624 134,243 134,315 -5.8 0.1
Fixed-term deposits 14,194 19,921 20,533 44.7 3.1 4,178 5,667 6,079 45.5 7.3 18,372 25,588 26,612 44.9 4.0
Repos 455 200 7,207 -- -- 62 0 0 -100.0 -- 517 200 7,207 -- --
Accruals and derivative hedging adjustments -12 160 204 -- 27.7 66 139 154 134.2 10.5 54 299 358 -- 19.7
0 0 0 0 0 0
Debt and other marketable securities 19,218 19,023 18,311 -4.7 -3.7 2,568 3,176 3,138 22.2 -1.2 21,786 22,198 21,449 -1.5 -3.4
Subordinated liabilities 4,092 3,593 4,104 0.3 14.2 0 0 0 -32.4 -10.7 4,092 3,593 4,104 0.3 14.2
0 0 0 0 0 0
On-balance sheet funds 144,133 142,944 150,195 4.2 5.1 43,312 43,178 43,849 1.2 1.6 187,445 186,122 194,044 3.5 4.3
0 0 0 0 0 0
Mutual funds 22,984 24,093 25,292 10.0 5.0 0 0 0 -- -- 22,984 24,093 25,292 10.0 5.0
Dedicated investment companies 638 589 633 -0.9 7.5 0 0 0 -- -- 638 589 633 -0.9 7.5
Third-party funds 22,345 23,504 24,659 10.4 4.9 0 0 0 -- -- 22,345 23,504 24,659 10.4 4.9
0 0 0 0 0 0
Managed accounts 3,669 3,598 3,801 3.6 5.7 0 0 0 -- -- 3,669 3,598 3,801 3.6 5.7
0 0 0 0 0 0
Pension funds 3,229 3,249 3,300 2.2 1.6 0 0 0 -- -- 3,229 3,249 3,300 2.2 1.6
Individual 2,097 2,103 2,134 1.7 1.4 0 0 0 -- -- 2,097 2,103 2,134 1.7 1.4
Company 1,126 1,141 1,162 3.1 1.8 0 0 0 -- -- 1,126 1,141 1,162 3.1 1.8
Group 5 5 5 -7.1 2.2 0 0 0 -- -- 5 5 5 -7.1 2.2
0 0 0 0 0 0
Third-party insurance products 9,631 9,621 9,757 1.3 1.4 0 0 0 -- -- 9,631 9,621 9,757 1.3 1.4
0 0 0 0 0 0
Off-balance sheet customer funds 39,513 40,561 42,150 6.7 3.9 0 0 0 -- -- 39,513 40,561 42,150 6.7 3.9
0 0 0 0 0 0
Funds under management and third-
183,646 183,504 192,345 4.7 4.8 43,312 43,178 43,849 1.2 1.6 226,957 226,682 236,194 4.1 4.2
party funds
Group net equity

Change
(€ millions) 31.03.23 31.12.23 31.03.24 YoY QoQ

Shareholders' equity 13,657

### 14,344 14,633 976 289
Issued capital 703 680 680 -23 0
Reserves 12,777 12,512 13,649 872 1,137
Other equity 20 21 23 3 1
Less: treasury shares -48 -40 -27 21 12
Attributable net profit 205 1,332 308 103 -1,024
Less: interim dividends 0 -162 0 0 162
Accumulated other comprehensive income -546 -499 -427 120 72
Minority interest 34 34 34 0 0
Net equity 13,145
### 13,879 14,240 1,096 361
NPA exposure and coverage
Total group

(€ millions) Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

Stage 3 exposures 5,891 5,888 5,891 5,777 5,718

Total provisions 3,219 3,280 3,329 3,368 3,346
Stage 3 coverage ratio with total provisions (%) 54.6% 55.7% 56.5% 58.3% 58.5%
Stage 3 exposures 5,891 5,888 5,891 5,777 5,718
Stage 3 provisions 2,328 2,361 2,402 2,445 2,433
Stage 3 coverage ratio (%) 39.5% 40.1% 40.8% 42.3% 42.5%
Problematic RE Assets 1,117 1,083 1,039 971 939
Provisions 429 419 404 385 370
Problematic Real Estate coverage ratio (%) 38.4% 38.7% 38.9% 39.6% 39.4%
Total problematic assets 7,008 6,971 6,930 6,748 6,657
Provisions 3,648 3,699 3,733 3,752 3,715
Problematic assets coverage (%) 52.0% 53.1% 53.9% 55.6% 55.8%

Gross loans to customers excluding repos +financial guarantees and

168,347 169,497 167,348 165,309 166,235
other guarantees granted + problematic RE Assets

Gross NPA ratio (%) 4.2% 4.1% 4.1% 4.1% 4.0%

Net problematic assets 3,360 3,272 3,196 2,996 2,941
Net NPA ratio (%) 2.0% 1.9% 1.9% 1.8% 1.8%
Net problematic assets as % of total assets 1.4% 1.3% 1.3% 1.3% 1.2%

Excl. TSB

(€ millions) Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

Stage 3 exposures 5,314 5,292 5,287 5,165 5,077

Total provisions 2,980 3,039 3,085 3,112 3,088
Stage 3 coverage ratio with total provisions (%) 56.1% 57.4% 58.3% 60.3% 60.8%

Stage 3 exposures 5,314 5,292 5,287 5,165 5,077

Stage 3 provisions 2,248 2,274 2,316 2,352 2,333
Stage 3 coverage ratio (%) 42.3% 43.0% 43.8% 45.5% 45.9%

Problematic RE Assets 1,117 1,083 1,039 971 939

Provisions 429 419 404 385 370
Problematic Real Estate coverage ratio (%) 38.4% 38.7% 38.9% 39.6% 39.4%

Total problematic assets 6,431 6,375 6,326 6,136 6,015

Provisions 3,409 3,458 3,489 3,497 3,457
Problematic assets coverage (%) 53.0% 54.2% 55.1% 57.0% 57.5%

Gross loans to customers excluding repos +financial guarantees and

125,711 126,310 124,888 123,255 123,204
other guarantees granted + problematic RE Assets

Gross NPA ratio (%) 5.1% 5.0% 5.1% 5.0% 4.9%

Net problematic assets 3,022 2,917 2,837 2,639 2,558
Net NPA ratio (%) 2.4% 2.3% 2.3% 2.1% 2.1%
Net problematic assets as % of total assets 1.5% 1.5% 1.5% 1.4% 1.4%

TSB

(€ millions) Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

Stage 3 exposures 577 596 604 612 641

Total provisions 238 241 245 256 258
Stage 3 coverage ratio with total provisions (%) 41.3% 40.4% 40.5% 41.8% 40.2%

Stage 3 exposures 577 596 604 612 641

Stage 3 provisions 79 87 87 93 100
Stage 3 coverage ratio (%) 13.7% 14.6% 14.4% 15.2% 15.6%

Total problematic assets 577 596 604 612 641

Provisions 238 241 245 256 258
Problematic assets coverage (%) 41.3% 40.4% 40.5% 41.8% 40.2%

Gross loans to customers excluding repos +financial guarantees and

42,636 43,187 42,460 42,054 43,031
other guarantees granted + problematic RE Assets

Gross NPA ratio (%) 1.4% 1.4% 1.4% 1.5% 1.5%

Net problematic assets 339 355 359 357 383
Net NPA ratio (%) 0.8% 0.8% 0.8% 0.8% 0.9%
Net problematic assets as % of total assets 0.6% 0.6% 0.6% 0.7% 0.7%
Stages

(€ millions) Stage 1 Stage 2 Stage 3

Gross loans to customers excluding repos and financial

147,751 11,827 5,718
guarantees and other guarantees granted
Change QoQ 1.0% -3.2% -1.0%
Change YoY 0.3% -15.9% -2.9%
Provisions 419 494 2,433
% Stage / Total loans 89.4% 7.2% 3.5%
Coverage group 0.3% 4.2% 42.5%

Coverage excl. TSB 0.3% 5.4% 45.9%

NPA details

Stage 3 ratios by segment

Total group Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

Real estate development and/or construction purposes 7.30% 7.19% 7.09% 6.44% 6.88%
Construction purposes non-related to real estate dev. 9.17% 6.80% 6.61% 5.25% 5.30%
Large corporates 2.22% 2.29% 2.52% 2.47% 2.34%
SME and small retailers and self-employed 7.87% 7.69% 8.54% 8.52% 8.97%
Individuals with 1st mortgage guarantee assets 2.14% 2.19% 2.26% 2.29% 2.10%
Stage 3 ratio 3.52% 3.50% 3.54% 3.52% 3.46%

Excl. TSB Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

Real estate development and/or construction purposes 7.34% 7.24% 7.14% 6.48% 6.93%
Construction purposes non-related to real estate dev. 9.18% 6.81% 6.61% 5.25% 5.31%
Large corporates 2.22% 2.29% 2.52% 2.47% 2.34%
SME and small retailers and self-employed 7.92% 7.74% 8.60% 8.58% 9.03%
Individuals with 1st mortgage guarantee assets 2.92% 3.01% 3.09% 3.12% 2.73%
Stage 3 ratio 4.27% 4.23% 4.27% 4.22% 4.15%

Evolution of NPLs and RE Assets Group

(€ millions) 1Q23 2Q23 3Q23 4Q23 1Q24

Gross entries 687 751 658 601 727

Recoveries and sales -504 -641 -573 -635 -687
Net stage 3 entries 183 111 85 -35 40

Gross entries 12 46 19 6 10
Sales -52 -79 -63 -73 -42
Change in problematic RE assets -40 -34 -44 -68 -32

Net stage 3 entries + Change in problematic RE assets 143 77 41 -103 8

Write-offs -106 -114 -82 -79 -100

NPAs quarterly change 37 -37 -41 -182 -92

Evolution of stage3 and RE Assets excl. TSB

(€ millions) 1Q23 2Q23 3Q23 4Q23 1Q24

Gross entries 571 630 545 489 605

Recoveries and sales -417 -565 -487 -552 -616
Net stage 3 entries 154 65 58 -63 -12

Gross entries 12 46 19 6 10
Sales -52 -79 -63 -73 -42
Change in problematic RE assets -40 -34 -44 -68 -32

Net stage 3 entries + Change in problematic RE assets 114 31 13 -131 -44

Write-offs -89 -87 -63 -59 -77

NPAs quarterly change 25 -56 -49 -190 -120

Evolution of NPLs and RE Assets TSB

(€ millions) 1Q23 2Q23 3Q23 4Q23 4Q23

Gross entries 116 121 113 112 123

Recoveries and sales -86 -76 -85 -83 -71
Net stage 3 entries 30 45 28 28 52

Gross entries 0 0 0 0 0
Sales 0 0 0 0 0
Change in problematic RE assets 0 0 0 0 0

Net stage 3 entries + Change in problematic RE assets 30 45 28 28 52

Write-offs -17 -26 -20 -20 -23

NPAs quarterly change 12 19 8 8 29
Debt maturities for the next 12 months

ISIN Instrument Date Size Coupon

XS1991397545 Senior non-preferred 5/10/2024 420 1.75%
ES0413860547 Covered bonds 6/10/2024 1000 0.63%
XS2076079594 Senior Preferred 11/7/2025 500 0.63%
ES0413860588 Covered bonds 12/27/2024 250 0.55%
XS2455392584 Senior non-preferred 3/24/2026 750 2.63%
XS2055190172 Senior non-preferred 3/27/2025 500 1.13%
Group total capital ratio (%)

Phase-in Fully-loaded
(€ millions) 31.03.23 31.12.23 31.03.24 31.03.23 31.12.23 31.03.24

Issued capital 703 680 680 703 680 680

Reserves 12,694 13,198 13,321 12,694 13,198 13,321
Deductions -3,471 -3,531 -3,455 -3,475 -3,531 -3,455
Common Equity Tier 1 9,926 10,347 10,546 9,922 10,347 10,546
CET 1 (%) 12.78% 13.21% 13.30% 12.78% 13.21% 13.30%

Preference shares and other 1,750 1,750 1,750 1,750 1,750 1,750
Primary capital 11,676 12,097 12,296 11,672 12,097 12,296
Tier I (%) 15.04% 15.44% 15.51% 15.03% 15.44% 15.51%

Secondary capital 2,375 1,831 2,311 2,375 1,831 2,311

Tier II (%) 3.06% 2.34% 2.91% 3.06% 2.34% 2.91%

Total capital 14,051 13,928 14,607 14,047 13,928 14,607

Total capital ratio (%) 18.09% 17.78% 18.42% 18.09% 17.78% 18.42%

Risk weighted assets (RWA) 77,659 78,343 79,285 77,655 78,343 79,285

Leverage ratio (%) 4.72% 5.19% 5.25% 4.71% 5.19% 5.25%

CET 1 - BS (non-consolidated basis) (%) 13.30% 13.64% 13.65%

Tier I - BS (non-consolidated basis) (%) 15.48% 15.82% 15.82%

Tier II - BS (non-consolidated basis) (%) 2.90% 2.20% 2.79%

Total capital ratio - BS (non-consolidated bas 18.39% 18.02% 18.61%

ADIs 2,943 3,657 3,984

Share

31.03.23 31.12.23 31.03.24

Shareholders and trading

Number of shareholders 222,228 213,560 205,510
Number of outstanding shares (millions) 5,582 5,403 5,414
Average daily trading volume (millions shares) 45 30 25

Share price (€ )
Opening session (of the year) 0.881 0.881 1.113
High (of the year) 1.334 1.364 1.469
Low (of the year) 0.886 0.873 1.105
Closing session 0.989 1.113 1.455
Market capitalisation (€ millions) 5,520 6,014 7,877

Stock market multiples

Earnings per share (EPS) (€ ) 0.13 0.23 0.24
Book value (€ millon ) 13,728 14,344 14,770
Book value per share (€ ) 2.46 2.65 2.73
Tangible book value (€ millon ) 11,264 11,861 12,281
TBV per share (€ ) 2.02 2.20 2.27
Price / Tangible book value (times) 0.49 0.51 0.64
Price / Earnings ratio (P/E) (times) 7.44 4.94 5.95
TSB (GBP) Index
o TSB Accumulated quarterly results (GBP)
o TSB Quarterly results (GBP)
o TSB Balance (GBP)
o TSB Margen (GBP)
rly results (GBP)
Accumulated quarterly results

(in millions pounds) 1Q23 1Q24 YoY (%)

Net interest income 268 238 -10.9

Net fees and commissions 25 25 3.1
Core revenues 292 264 -9.8
Net trading income and exchange differences 7 10 44.5
Income from equity method and dividends 0 0 --
Other operating income/expense -10 -9 -3.6
Gross operating income 289 264 -8.7
Operating expenses -166 -166 0.0
Personnel expenses -76 -79 3.3
Other general expenses -90 -88 -2.7
Amortisation & depreciation -33 -25 -24.0
Total costs -200 -192 -4.0
Pre-provisions income 90 73 -19.2
Provisions for NPLs -15 -15 4.0
Provisions for other financial assets -2 -2 -4.7
Other impairments 0 0 --
Gains on sale of assets and other results 0 0 --
Profit before tax 73 55 -24.1
Income tax -26 -16 -36.8
Minority interest 0 0 --
Attributable net profit 47 39 -17.2
Memorandum item:
Core results (NII + net fees and commissions - costs) 93 72 -22.1
Quarterly results

(in millions pounds) 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ (%)

Net interest income 268 261 256 238 238 0.3

Net fees and commissions 25 26 28 29 25 -12.0
Core revenues 292 287 284 267 264 -1.0
Net trading income and exchange differences 7 -2 7 2 10 --
Income from equity method and dividends 0 0 0 0 0 --
Other operating income/expense -10 -8 -8 5 -9 --
Gross operating income 289 277 283 274 264 -3.6
Operating expenses -166 -173 -171 -188 -166 -11.5
Personnel expenses -76 -81 -81 -103 -79 -24.0
Other general expenses -90 -93 -90 -84 -88 3.9
Amortisation & depreciation -33 -33 -26 -29 -25 -12.2
Total costs -200 -207 -197 -217 -192 -11.6
Memorandum item:
Recurrent costs -200 -207 -197 -188 -192 1.9
Non-recurrent costs 0 0 0 -29 0 -100.0
Pre-provisions income 90 70 87 58 73 26.3
Provisions for NPLs -15 -13 -18 -22 -15 -30.6
Provisions for other financial assets -2 10 -1 -4 -2 -47.2
Other impairments 0 0 0 0 0 --
Gains on sale of assets and other results 0 0 0 0 0 --
Profit before tax 73 67 67 31 55 77.9
Income tax -26 -22 -20 -2 -16 --
Minority interest 0 0 0 0 0 --
Attributable net profit 47 45 48 29 39 32.8
Memorandum item:
Core results (NII + net fees and commissions - costs) 93 80 88 79 72 -8.2
TSB Balance sheet

Change
(in millions pounds) 31.03.23 31.12.23 31.03.24 YoY (%) QoQ (%)

Cash, cash balances at central banks and other demand deposits 5,835 5,897 4,964 -14.9 -15.8
Financial assets held for trading and fair value with changes in PL 1,039 824 838 -19.4 1.7
Financial assets in fair value OCI 360 357 347 -3.5 -2.6
Financial assets at amortised cost 39,738 38,908 38,912 -2.1 0.0
Tangible assets 282 254 262 -7.4 3.2
Intangible assets 76 86 94 23.7 8.7
Other assets 1,117 1,328 1,280 14.6 -3.6
Total assets 48,447 47,653 46,696 -3.6 -2.0

Financial liabilities held for trading and fair value with changes in PL 1,125 982 1,015 -9.8 3.4
Financial liabilities at amortised cost 45,038 44,112 43,356 -3.7 -1.7
Provisions 103 75 68 -34.0 -9.2
Other liabilities 208 405 250 20.3 -38.2
Subtotal liabilities 46,475 45,574 44,690 -3.8 -1.9

Shareholders' equity 1,952 2,072 1,990 2.0 -4.0

Accumulated other comprehensive income 20 6 16 -20.5 176.6
Net equity 1,972 2,078 2,006 1.7 -3.5

Total liabilities and net equity 48,447 47,653 46,696 -3.6 -2.0
Gains and charges in the quarter TSB

1Q23 2Q23 3Q23 4Q23 1Q24

(in millions pounds) Avge. Avge. Avge. Avge. Avge.
Rate % Results Rate % Results Rate % Results Rate % Results Rate % Results
balance balance balance balance balance
Cash and cash equivalents (1) 5,030 3.76 47 5,317 4.32 57 5,129 5.03 65 5,642 5.13 73 4,912 5.12 63
Loans to customers (net) 37,744 3.19 297 36,935 3.34 307 36,682 3.52 325 36,371 3.73 342 36,469 3.91 355
Fixed-income securities 3,095 4.06 31 3,034 4.85 37 3,088 5.61 44 3,036 5.81 44 3,077 5.70 44
Other assets 3,254 8.37 67 3,240 9.53 77 3,541 11.18 100 2,977 12.43 93 2,773 11.40 79
Total assets 49,123 3.65 442 48,525 3.95 478 48,440 4.37 534 48,026 4.56 553 47,231 4.60 540

Financial institutions (2) 5,142 -3.99 -51 4,169 -4.67 -48 4,028 -5.34 -54 4,030 -5.42 -55 3,606 -5.49 -49
Customer deposits 35,528 -0.63 -56 35,175 -0.83 -73 34,711 -1.09 -96 34,512 -1.38 -120 34,306 -1.47 -126
Capital markets 2,807 -4.47 -31 3,287 -5.07 -42 3,377 -5.68 -48 3,782 -6.36 -61 3,862 -6.00 -58
Other liabilities and shareholders' equity 5,646 -2.65 -37 5,894 -3.72 -55 6,324 -5.00 -80 5,702 -5.49 -79 5,456 -5.07 -69
Total funds 49,123 -1.44 -174 48,525 -1.80 -218 48,440 -2.28 -278 48,026 -2.60 -315 47,231 -2.57 -301

Net interest income 268 261 256 238 238

Customer spread 2.56 2.51 2.43 2.35 2.44

Net interest margin as % of ATA 2.21 2.15 2.09 1.96 2.03

Business Units Index
o Summary Business Units
o Spain Business
o UK Business
o Mexico Business
o Exchange rate
Business units

Profit and loss 1Q24

Banking business Banking business Banking Business
Total
(€ millions) Spain United Kingdom Mexico
Net interest income 906 278 47 1,231
Net fees and commissions 305 30 5 340
Core revenues 1,210 308 53 1,571
Net trading income and exchange differences 19 11 5 35
Income from equity method and dividends 48 0 0 48
Other operating income/expense -194 -11 -4 -209
Gross operating income 1,082 309 53 1,444
Operating expenses -404 -194 -29 -627
Amortisation & depreciation -90 -30 -4 -124
Total costs -495 -224 -33 -751
Pre-provisions income 588 85 20 693
Total provisions & impairments -181 -20 -7 -208
Gains on sale of assets and other results 0 0 0 0
Profit before tax 406 65 13 484
Income tax -155 -19 -3 -176
Minority interest 0 0 0 0
Attributable net profit 252 46 11 308
ROTE 13.0% 9.6% 7.7% 12.2%
Efficiency 33.2% 62.9% 53.8% 39.7%
Efficiency with amortisation & depreciation 40.7% 72.5% 61.7% 47.6%
Stage 3 ratio 4.2% 1.5% 2.8% 3.5%
Stage 3 coverage ratio with total provisions 60.6% 40.2% 69.4% 58.5%

Profit and loss 1Q23

Banking business Banking business Banking Business
Total
(€ millions) Spain United Kingdom Mexico
Net interest income 752 303 45 1,100
Net fees and commissions 321 28 2 350
Core revenues 1,073 331 46 1,450
Net trading income and exchange differences -6 7 -1 1
Income from equity method and dividends 31 0 0 31
Other operating income/expense -157 -11 -4 -172
Gross operating income 941 328 42 1,311
Operating expenses -388 -188 -17 -593
Amortisation & depreciation -95 -38 -4 -138
Total costs -483 -226 -21 -730
Pre-provisions income 458 102 21 581
Total provisions & impairments -214 -19 -3 -236
Gains on sale of assets and other results -1 0 -1 -3
Profit before tax 243 83 16 342
Income tax -106 -29 -2 -137
Minority interest 0 0 0 0
Attributable net profit 137 53 14 205
ROTE 8.0% 5.9% 8.2% 7.6%
Efficiency 39.0% 57.4% 40.8% 43.5%
Efficiency with amortisation & depreciation 48.6% 68.9% 50.9% 53.6%
Stage 3 ratio 4.3% 1.4% 2.5% 3.5%
Stage 3 coverage ratio with total provisions 55.8% 41.3% 69.7% 54.6%

Balance sheet 1Q24

Banking business Banking business Banking Business
Total
(€ millions) Spain United Kingdom Mexico
Total assets 174,505 54,624 7,007 236,135
Performing gross loans 103,684 42,330 4,781 150,796
RE exposure 569 0 0 569
Total liabilities and net equity 174,505 54,624 7,007 236,135
On-balance sheet customer funds 117,475 40,558 3,387 161,419
Capital markets wholesale funding 20,275 4,534 0 24,809
Allocated equity 11,414 2,516 702 14,633
Off-balance sheet customer funds 42,150 0 0 42,150

Balance sheet 1Q23

Banking business Banking business Banking Business
Total
(€ millions) Spain United Kingdom Mexico
Total assets 186,941 55,127 6,411 248,480
Performing gross loans 106,524 41,993 4,119 152,637
RE exposure 688 0 0 688
Total liabilities and net equity 186,941 55,127 6,411 248,480
On-balance sheet customer funds 118,177 40,617 3,513 162,307
Capital markets wholesale funding 20,734 3,697 0 24,431
Allocated equity 10,697 2,387 573 13,657
Off-balance sheet customer funds 39,513 0 0 39,513
Banking business
Spain

Profit and loss and balance sheet banking business Spain

(€ millions) 1Q23 1Q24 YoY (%)

Net interest income 752 906 20.4

Net fees and commissions 321 305 -5.0
Core revenues 1,073 1,210 12.8
Net trading income and exchange differences -6 19 --
Income from equity method and dividends 31 48 52.0
Other operating income/expense -157 -194 23.8
Gross operating income 941 1,082 15.0
Operating expenses -388 -404 4.3
Amortisation & depreciation -95 -90 -5.1
Total costs -483 -495 2.4
Pre-provisions income 458 588 28.2
Total provisions & impairments -214 -181 -15.3
Gains on sale of assets and other results -1 0 -93.6
Profit before tax 243 406 67.0
Income tax -106 -155 45.5
Minority interest 0 0 -87.5
Attributable net profit 137 252 83.7

Accumulated ratios
ROTE 8.0% 13.0%
Efficiency 39.0% 33.2%
Efficiency with amortisation & depreciation 48.6% 40.7%
Stage 3 ratio 4.3% 4.2%
Stage 3 coverage ratio with total provisions 55.8% 60.6%

(€ millions) Mar 23 Mar 24 YoY (%)

Total assets 186,941 174,505 -6.7

Performing gross loans 106,524 103,684 -2.7
RE exposure 688 569 -17.2
Total liabilities and net equity 186,941 174,505 -6.7
On-balance sheet customer funds 118,177 117,475 -0.6
Capital markets wholesale funding 20,734 20,275 -2.2
Allocated equity 10,697 11,414 6.7
Off-balance sheet customer funds 39,513 42,150 6.7

Other data
Employees 13,077 13,441
Branches 1,222 1,188
 Simple evolution
1Q23 2Q23 3Q23 4Q23 1Q24 1Q24

752 821 895 885 906

321 314 311 301 305
1,073 1,135 1,206 1,186 1,210
-6 32 22 -3 19
31 40 23 36 48
-157 -74 3 -176 -194
941 1,133 1,255 1,043 1,082
-388 -393 -412 -412 -404
-95 -90 -88 -89 -90
-483 -482 -499 -501 -495
458 651 756 542 588
-214 -217 -192 -194 -181
-1 -11 -4 -10 0
243 423 560 338 406
-106 -122 -164 -76 -155
0 1 0 1 0
137 300 395 261 252

8.0% 9.7% 10.9% 12.0% 13.0%

39.0% 37.1% 36.5% 37.2% 33.2%
48.6% 45.8% 44.8% 45.6% 40.7%
4.3% 4.3% 4.3% 4.3% 4.2%
55.8% 57.2% 58.1% 59.9% 60.6%

Simple evolution
Mar 23 Jun 23 Sep 23 Dec 23 Mar 24

186,941 180,613 180,767 173,648 174,505

106,524 106,965 105,159 103,830 103,684
688 664 635 586 569
186,941 180,613 180,767 173,648 174,505
118,177 117,905 118,163 117,820 117,475
20,734 21,119 21,662 19,949 20,275
10,697 11,019 11,291 11,345 11,414
39,513 39,720 39,342 40,561 42,150

13,077 13,369 13,397 13,455 13,441

1,222 1,221 1,188 1,194 1,188
Banking business
United Kingdom

Profit and loss and balance sheet banking business UK

YoY (%) Simple evolution

(€ millions) 1Q23 1Q24 YoY (%) at constant 1Q23 2Q23 3Q23 4Q23 1Q24
FX
Net interest income 303 278 -8.1 -10.9 303 300 298 273 278
Net fees and commissions 28 30 6.3 3.1 28 30 33 33 30
Core revenues 331 308 -6.9 -9.8 331 330 331 307 308
Net trading income and exchange differences 7 11 49.0 44.5 7 -2 8 2 11
Income from equity method and dividends 0 0 -- -- 0 0 0 0 0
Other operating income/expense -11 -11 -0.6 -3.6 -11 -9 -9 6 -11
Gross operating income 328 309 -5.9 -8.7 328 318 330 315 309
Operating expenses -188 -194 3.2 0.0 -188 -199 -199 -216 -194
Amortisation & depreciation -38 -30 -21.7 -24.0 -38 -38 -30 -33 -30
Total costs -226 -224 -1.0 -4.0 -226 -238 -229 -249 -224
Pre-provisions income 102 85 -16.6 -19.2 102 81 101 66 85
Total provisions & impairments -19 -20 6.1 2.9 -19 -4 -22 -30 -20
Gains on sale of assets and other results 0 0 -- -- 0 0 0 -1 0
Profit before tax 83 65 -21.8 -24.1 83 77 78 36 65
Income tax -29 -19 -34.8 -36.8 -29 -25 -23 -2 -19
Minority interest 0 0 -- -- 0 0 0 0 0
Attributable net profit 53 46 -14.6 -17.2 53 52 55 34 46

Accumulated ratios
ROTE 5.9% 9.6% 5.9% 6.7% 7.9% 10.0% 9.6%
Efficiency 57.4% 62.9% 57.4% 59.9% 60.1% 62.1% 62.9%
Efficiency with amortisation & depreciation 68.9% 72.5% 68.9% 71.7% 71.0% 72.9% 72.5%
Stage 3 ratio 1.4% 1.5% 1.4% 1.4% 1.4% 1.5% 1.5%
Stage 3 coverage ratio with total provisions 41.3% 40.2% 41.3% 40.4% 40.5% 41.8% 40.2%

YoY (%) Simple evolution

Mar 23 Mar 24 YoY (%) at constant Mar 23 Jun 23 Sep 23 Dec 23 Mar 24
(€ millions) 12/30/1899 FX
Total assets 55,127 54,624 -0.9 -3.6 55,127 56,086 55,497 54,855 54,624
Performing gross loans 41,993 42,330 0.8 -2.0 41,993 42,526 41,793 41,381 42,330
Total liabilities and net equity 55,127 54,624 -0.9 -3.6 55,127 56,086 55,497 54,855 54,624
On-balance sheet customer funds 40,617 40,558 -0.1 -2.9 40,617 41,203 40,209 39,864 40,558
Capital markets wholesale funding 3,697 4,534 22.7 19.3 3,697 3,787 4,337 4,545 4,534
Allocated equity 2,387 2,516 5.4 2.5 2,387 2,368 2,348 2,368 2,516

Other data
Employees 5,656 5,314 5,656 5,618 5,510 5,426 5,314
Branches 220 211 220 211 211 211 211
Banking Business
Mexico

Profit and loss and balance sheet Mexico

YoY (%)
1Q23 1Q24 YoY (%) at constant
(€ millions) FX
Net interest income 45 47 5.8 -2.5
Net fees and commissions 2 5 216.2 191.3
Core revenues 46 53 13.2 4.3
Net trading income and exchange differences -1 5 -- --
Income from equity method and dividends 0 0 -- --
Other operating income/expense -4 -4 4.9 -19.6
Gross operating income 42 53 27.3 19.6
Operating expenses -17 -29 67.7 54.5
Amortisation & depreciation -4 -4 0.1 -7.8
Total costs -21 -33 54.3 42.1
Pre-provisions income 21 20 -0.6 -4.7
Total provisions & impairments -3 -7 132.6 114.3
Gains on sale of assets and other results -1 0 -100.0 -100.0
Profit before tax 16 13 -17.1 -19.6
Income tax -2 -3 53.5 41.4
Minority interest 0 0 -- --
Attributable net profit 14 11 -25.0 -26.8

Accumulated ratios
ROTE 8.2% 7.7%
Efficiency 40.8% 53.8%
Efficiency with amortisation & depreciation 50.9% 61.7%
Stage 3 ratio 2.5% 2.8%
Stage 3 coverage ratio with total provisions 69.7% 69.4%

YoY (%)
Mar 23 Mar 24 YoY (%) at constant
(€ millions) FX
Total assets 6,411 7,007 9.3 2.8
Performing gross loans 4,119 4,781 16.1 10.7
Total liabilities and net equity 6,411 7,007 9.3 2.8
On-balance sheet customer funds 3,513 3,387 -3.6 -10.9
Allocated equity 573 702 22.6 11.8

Other data
Employees 418 458
Branches 15 15
Exchange rate

Group balance sheet

Fx 31.03.23 30.06.23 30.09.23 31.12.23 31.03.24

USD 1.0875 1.0866 1.0594 1.1050 1.0811
GBP 0.8792 0.8583 0.8646 0.8691 0.8551
MXN 19.6392 18.5614 18.5030 18.7231 17.9179

Accumulated P&L

Fx 31.03.23 30.06.23 30.09.23 31.12.23 31.03.24

USD 1.0724 1.0800 1.0827 1.0798 1.0810
GBP 0.8831 0.8765 0.8709 0.8706 0.8562
MXN 20.0163 19.5807 19.2047 19.1120 18.4398

Quarterly P&L

Fx 31.03.23 30.06.23 30.09.23 31.12.23 31.03.24

USD 1.0724 1.0867 1.0872 1.0720 1.0854
GBP 0.8831 0.8699 0.8595 0.8696 0.8562
MXN 20.0163 19.1837 18.4839 18.8609 18.4398
Alternative Performance measures

Alternative Performance measures Conciliation (€ millions) 1Q23 1Q24

Average total assets (last 12 months) 256,868 242,545
ROA Consolidated net profit (last 12 months) 848 1,437
ROA (%) 0.3 0.6
Average equity (last 12 months) 13,691 14,202
ROE Attributable net profit (last 12 months) 850 1,435
ROE (%) 6.2 10.1
Average risk weighted assets (RWA) (last 12 months) 80,006 78,603
RORWA Attributable net profit (last 12 months) 850 1,435
RORWA (%) 1.1 1.8
Average equity, excluding intangible assets (last 12 months) 11,179 11,743
ROTE Attributable net profit (last 12 months) 850 1,435
ROTE (%) 7.6 12.2
Gross operating income 1,311 1,444
DGF - SRF - IDEC - BT adjustment 52 135
Adjusted gross operating income 1,363 1,579
Efficiency ratio Operating expenses -593 -627
Efficiency ratio (%) 43.5 39.7
Amortisation & depreciation -138 -124
Efficiency ratio with amortisation & depreciation (%) 53.6 47.6
Other operating income 18 18
Other operating expenses -190 -227
Other operating income/expense Income from assets under insurance or reinsurance contracts 0 0
Expenses on liabilities under insurance or reinsurance contracts 0 0
Other operating income/expense -172 -209
Provisions or reversal of provisions -12 4
Impairment or reversal of impairment on financial assets not measured at fair value through
-218 -203
profit or loss and net modification losses or gains
Provisions for NPLs and other financial assets -230 -199

Impairment of reversal of impairment of investments in joint ventures and associates 0 0

Total provisions & impairments Impairment or reversal of impairment on non- financial assets -1 -3

Profit or loss from non-current assets and disposal groups classified as held for sale not
-6 -7
qualifying as discontinued operations

Gains or losses on sales of equity holdings and other items 0 0

Gains from sales of investment properties and associates 1 0
Other impairments -6 -9
Total provisions & impairments -236 -208
Gains or losses on derecognition of non-financial assets, net -2 1
Gains or losses on sales of equity holdings and other items 0 0
Gains on sale of assets and other results
Gains from sales of investment properties and associates -1 0
Gains on sale of assets and other results -3 0
Gross operating income 1,311 1,444
Operating expenses -593 -627
Personnel expenses -350 -373
Pre-provisions income
Other general expenses -243 -254
Amortisation & depreciation -138 -124
Pre-provisions income 581 693
Loans to customers (net)
Avge.
155,284 151,377
balance
Results 1,258 1,628
Rate % 3.29 4.33
Customer spread (*) Customer deposits
Avge.
161,138 159,610
balance
Results -221 -493
Rate % -0.56 -1.24
Customer spread 2.73 3.09
Derivatives - Hedge accounting 2,770 2,483

Fair value changes of the hedged items in portfolio hedge of interest rate risk -1,344 -725

Tax assets 6,807 6,495

Other assets
Other assets 547 509

Non-current assets and disposal groups classified as held for sale 811 949

Other assets 9,592 9,710

Derivatives - Hedge accounting 1,234 1,075

Fair value changes of the hedged items in portfolio hedge of interest rate risk -860 -532

Tax liabilities 345 365

Other liabilities
Other liabilities 643 524

Liabilities included in disposal groups classified as held for sale 28 56

Other liabilities 1,390 1,488

Alternative Performance measures

Alternative Performance measures Conciliation (€ millions) 1Q23 1Q24

Mortgage loans & credits 88,261 86,641
Other secured loans & credits 3,370 5,211
Working capital 6,739 6,812
Leasing 2,237 2,331
Unsecured lending and others 52,029 49,801
Performing gross loans Performing gross loans 152,637 150,796
Stage 3 assets (customer) 5,524 5,410
Accruals 174 232
Gross loans to customers excluding repos 158,335 156,439
Reverse repos 120 6
Gross loans to customers Gross loans to customers 158,454 156,445
NPL and country-risk provisions -3,041 -3,185
Loans and advances to customers 155,413 153,259
Financial liabilities at amortised cost 229,901 216,897
Non-retail financial liabilities 67,594 55,478
Central banks 18,521 3,664
Credit institutions 17,304 13,351
Institutional issues 25,138 32,625
Other financial liabilities 6,632 5,839
On-balance sheet customer funds On-balance sheet customer funds 162,307 161,419
Customer deposits 161,567 168,492
Sight accounts 142,624 134,315
Fixed-term deposits including available and hybrid financial liabilities 18,372 26,612
Repos 517 7,207
Accruals and derivative hedging adjustments 54 358
Debt and other marketable securities 21,786 21,449
Subordinated liabilities (*) 4,092 4,104
On-balance sheet funds On-balance sheet funds 187,445 194,044
Mutual funds 22,984 25,292
Managed accounts 3,669 3,801
Pension funds 3,229 3,300
Third-party insurance products 9,631 9,757
Off-balance sheet customer funds Off-balance sheet customer funds 39,513 42,150
Funds under management and third-party funds Funds under management and third-party funds 226,957 236,194
Stage 3 assets (includes valuation adjustments) 5,557 5,451
Stage 3 exposures Financial guarantees and other guarantees classified in stage 3 granted (off-balance) 334 267
Stage 3 exposures (€ millions) 5,891 5,718
Stage 3 exposures 5,891 5,718
Stage 3 coverage ratio with total provisions (%) Total provisions 3,219 3,346
Stage 3 coverage ratio with total provisions (%) 54.6% 58.5%
Stage 3 exposures 5,891 5,718
Stage 3 coverage ratio (%) Stage 3 provisions 2,328 2,433
Stage 3 coverage ratio (%) 39.5% 42.5%
Problematic RE Assets 1,117 939
Problematic Real Estate coverage ratio (%) Provisions 429 370
Problematic Real Estate coverage ratio (%) 38.4% 39.4%
Stage 3 exposures 5,891 5,718
Problematic RE Assets 1,117 939
Problematic assets Problematic assets 7,008 6,657
Provisions of problematic assets 3,648 3,715
Problematic assets coverage (%) Problematic assets coverage (%) 52.0% 55.8%
Stage 3 exposures 5,891 5,718
Gross loans to customers excluding repos 158,335 156,439
Stage 3 ratio (%)
Financial guarantees and other guarantees granted (off-balance) 8,896 8,857
Stage 3 ratio (%) 3.52% 3.46%
Gross loans to customers excluding repos and financial guarantees and other guarantees granted
167,230 165,296
(off-balance)
Credit cost of risk (bps) Provisions for NPLs -217 -194
NPLs costs -30 -27
Credit cost of risk (bps) 45 41
Gross loans to customers excluding repos and financial guarantees and other guarantees granted
167,230 165,296
(off-balance)
Total cost of risk (bps) Problematic RE Assets 1,117 939
Total provisions & impairments -236 -208
Total cost of risk (bps) 57 50
Adjusted net loans and advances w/o repos by brokered loans 154,116 152,290
Loan-to-deposit ratio (%) On-balance sheet customer funds 162,307 161,419
Loan-to-deposit ratio (%) 95.0% 94.3%
Number of outstanding shares (millions) 5,582 5,414
Market capitalisation (€ millions) Share price (€ ) 0.989 1.455
Market capitalisation (€ millions) 5,520 7,877
Net profit attributed to the Group adjusted 744 1,322
Attributable net profit (last 12 months) 850 1,435
Accrued AT1 (last 12 months) -107 -113
Earnings per share (EPS) (€ )
Average number of outstanding shares (excluding the average of treasury shares and the average
5,596 5,404
number of shares subject to a buyback programme, if applicable) (€ millions)
Earnings per share (EPS) (€ ) 0.13 0.24
Adjusted equity 13,728 14,770
Shareholders' equity 13,657 14,633
DGF - SRF - IDEC - BT adjustment net of tax 71 138
Number of outstanding shares (millions) 5,582 5,414
Book value per share (€ ) Book value per share (€ ) 2.46 2.73
Intangible assets 2,464 2,489
Tangible book value (€ millon ) 11,264 12,281
TBV per share (€ ) TBV per share (€ ) 2.02 2.27
Share price (€ ) 0.989 1.455
Price / Tangible book value (times) Price / Tangible book value (times) 0.49 0.64
Price / Earnings ratio (P/E) (times) Price / Earnings ratio (P/E) (times) 7.44 5.95
(*) Refers to subordinated liabilities of debt securities.